Is $30 per Barrel the next stop for #Oil
I have been bearish on main industrial commodities like copper and crude for a while..
Here is my view on Copper that i published 18-months and 8 months ago
Oil:
So what's likely next?
The FED is one step close to a rate hike and China's economic outlook remains uncertain. Technically, both commodities are correlated.. Copper remains in a strong downtrend, after completing the head and shoulders pattern. The ideal target for the pattern suggest that copper could retest the long term support levels near 1.65-1.45 area. . Meantime Crude has broken the main long term rising trend line on the logarithmic scale chart above. Even if you move to the linear(normal) scale chart, the main trend line has been broken last week as well. 30/barrel is not unlikely target anymore.
My best regards
Technician
Subscribe to my trading portal thefxchannel.com
Here is my view on Copper that i published 18-months and 8 months ago
Oil:
So what's likely next?
The FED is one step close to a rate hike and China's economic outlook remains uncertain. Technically, both commodities are correlated.. Copper remains in a strong downtrend, after completing the head and shoulders pattern. The ideal target for the pattern suggest that copper could retest the long term support levels near 1.65-1.45 area. . Meantime Crude has broken the main long term rising trend line on the logarithmic scale chart above. Even if you move to the linear(normal) scale chart, the main trend line has been broken last week as well. 30/barrel is not unlikely target anymore.
My best regards
Technician
Subscribe to my trading portal thefxchannel.com
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